Fifth Avenue in New York remains the most expensive shopping street in the world

If the first place in the ranking – occupied by Fifth Avenue in New York – does not change, the podium of the most expensive shopping streets in the world will record a notable evolution in 2023, according to a Cushman & Wakefield study. Via Montenapoleone in Milan, Italy, moved from third to second place due to a very sharp increase in its commercial rents of 20% in one year (to 18,000 euros per square meter). At the same time, Tsim Sha Tsui Street in Hong Kong is moving in the opposite direction, while its rental values ​​have increased by 4% compared to 2022 (-39% compared to before the health crisis).

Apart from this exchange of places, the top 10 remains unchanged this year. Fourth place is still occupied by New Bond Street in London, while the Champs-Elysées in Paris is in fifth place, with rents equivalent to 2022 (i.e. 11,414 euros per square meter).

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However, from the top10, we should note the good progress of Istiklal Avenue in Istanbul, Turkey, which climbs from 31st to 20th position in 2023. Conversely, we do not observe a very strong drop but it There is a slight decline to report, that of the Biblioteksgatan artery in Stockholm (Sweden), due to the local currency. The Swedish krona having held up less well than the euro against the dollar.

“Vacancy remains limited on prime commercial locations, which leads to competitive pressure which is reflected in rents, when rare locations become available. While concerns linked to the reduction in household consumption expenditure have affected the “economy, brands have secured and consolidated the presence of their flagship stores in their target markets”, comments Rob Travers, retail director EMEA at Cushman & Wakefield.

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If we focus solely on Europe, it appears that France occupies half of the top 10 most powerful shopping streets, thanks to Parisian luxury arteries “which have been very active in recent months under the energizing effect of the prospect of the Olympic Games”, notes the study.